4 Tips for Introducing a New Product Into the Market

This article is an excerpt from the Shortform book guide to "The $100 Startup" by Chris Guillebeau. Shortform has the world's best summaries and analyses of books you should be reading.

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Are you entertaining the idea of introducing a new product? What are some tips for making your product launch go as smoothly as possible?

Introducing a new product to your audience can be nerve-wracking. Fortunately, there are some strategies to help you ensure that your product launch is as successful as possible.

Here are some tips to bear in mind as you are introducing a new product to your audience.

Best Practices for Introducing a New Product

Before introducing a new product to your audience, let them know what’s coming. Get them hyped up beforehand so that once you launch your product, they snap it up right away.

Once you’ve launched, don’t stop building the hype. Keep sharing information with potential customers to get them interested in your product. To do so, consider the following tips:

Address any issues with your launch. Something is bound to go wrong. Be transparent and explain how you’re handling the situation.
Show satisfied customers. Use testimonials and reviews as marketing tools to validate the worth of your product.
Remind customers of time-sensitive bonuses or discounts. If you have a launch special, share when your offer expires, and what people will miss out on if they don’t buy immediately.

4 Tips for a Successful Product Launch

The following product launch strategies will help to ensure your product launch is as successful as possible:

Tip 1: Keep your word. If you offer a time-sensitive discount or bonus, you must adhere to the guidelines you set. If your launch went well, you will likely receive a series of emails or calls asking for an exception. While it may be tempting to make more money, sticking to your word tells people that you’re serious about deadlines, something they’ll remember next time you launch a product.

Tip 2: Be honest about flaws. Though it sounds counterintuitive, being upfront about any limitations of your product and why they exist will help build trust with your customers. If you try to hide issues or restrictions, customers may view you as untrustworthy or manipulative.

Tip 3: Create marketing materials. Your launch marketing must do three things:

Tell a good story. Your audience should enjoy following the journey of your product from ideation to launch. If your story is boring, people will likely lose interest.
Relate to your audience. Your audience has to understand how the product will impact them directly. If your audience doesn’t understand how the product will benefit them, they likely won’t purchase it.
Create a timely offer. Your audience should understand why they need the product right now. If your audience doesn’t feel the need to purchase immediately, they may hold off or not invest their money.

Tip 4: Pay attention to feedback. When you launch a product, listen to your audience. If most people are providing positive feedback, you know your launch has been a success. However, if most people don’t agree with the valuation of your product or are dissatisfied with it, make adjustments accordingly.

4 Tips for Introducing a New Product Into the Market